A quality control audit assesses the effectiveness of a company’s quality assurance systems, and can be conducted in-house or by a third party. Auditors examine policies, procedures, and records, and may interview employees. The audit report can highlight areas of success and areas for improvement, and may be made public. Private internal audits are confidential […]
A marketing audit reviews all tactics and their results, including consumer response, cost, and sales. It also analyzes external and internal factors, such as competitors, economic health, and operations. Common audit report formats include SWOT, five forces, and PEST. To ensure that a marketing plan performs as expected, companies often complete a marketing audit. This […]
Audit preparation involves preparing for independent audit teams to review processes and receipts, looking for unauthorized transactions and preventing fraud and errors. Companies provide questionnaires or audit listings to assist with the process, including accounts payable and receivable schedules, bank reconciliations, and fixed asset lists. Audit committees coordinate and review the process, but challenges include […]
A print audit gathers information about current printer usage and operating costs to assist decision-making at the executive level. The scope should be clearly defined, and metrics for usage and access should be collected. Total operating costs, including staff time, should also be considered. A print audit is often conducted by large organizations in anticipation […]
Security audits review the adequacy of security in an IT system, including cryptography and human factors. They can be requested by business leadership or government agencies to ensure compliance with laws such as HIPAA or Sarbanes-Oxley. Professional auditors are trained to assess the reliability of security systems. A security audit is a review of the […]
Audit management is the process of identifying the scope of an audit, assigning resources, creating checklists, and reviewing evidence. The senior auditor is responsible for the process and creates the audit plan, assigns tasks, and manages the audit checklist. Process control is important, and evidence is used to support the final audit opinion. An audit […]
Environmental audits assess the impact of activities on the environment and measure performance against ISO standards. An EMS is a formal structure for environmental protection, and audits can suggest improvements. ISO standards are created through consensus and compliance is voluntary. Audits can include an overall assessment of EMS performance and provide guidelines for improvement. An […]
An audit trail tracks the steps of a transaction, historically done with paper documents but now also in electronic form. It can help identify unnecessary steps and uncover attempts to manipulate financial profiles. Historically, an audit trail was about being able to provide a complete history of any financial transaction. The idea was to be […]
Performance audits analyze programs to determine effectiveness and efficiency, often used for government accountability. Standards must be in place prior to the audit, and auditors should be unbiased. The audit focuses on determining program effectiveness and efficiency to save money and highlight flaws. A performance audit is a tool used to analyze a program to […]
Different types of audits, including finance, government, compliance, and IT, test specific elements of a business. Audit guidelines vary based on the type of audit and whether it is mandatory or good practice. Financial audits check a company’s accounts, while government audits assess whether a company meets requirements to provide goods or services to a […]
Corporate audits review a company’s financial information, with internal audits ensuring compliance and external audits checking accuracy. Preparation involves scheduling meetings, creating a client-prepared list, and holding a follow-up meeting. The fieldwork phase involves interviewing employees, and the final meeting includes all key individuals affected by the audit. A corporate audit is an internal or […]
Small and medium-sized private companies with limited revenue and limited liability partnerships (LLPs) in the UK and other EU countries can claim exemption from the government’s annual audit of accounts if they meet certain criteria. In the US, only publicly traded companies and private company benefit plans must be audited annually. The cost of audits […]
Inventory audits involve reviewing past records, examining non-sales detractions, and physically counting products with a handheld scanner to ensure correct quantities and prices. Conducting an inventory audit is a time-consuming process, especially in large stores and warehouses, but it is not a difficult procedure. The auditor starts by looking at past inventory count records so […]
A search engine optimization audit analyzes a website’s SEO to improve search ranking and traffic. It includes keyword analysis, link analysis, and comparison to competitors. An audit can be done by the owner or an SEO consultant, and can result in higher revenue and improved rankings. A search engine optimization audit refers to analyzing a […]
A business continuity audit tests a company’s plan to remain operational during internal or external threats. It includes analysis, solution design, implementation, acceptance testing, and maintenance. The audit is conducted by external auditors who interview employees and observe operations to determine the strength of the plan. A business continuity audit questions and tests the plan […]
Internal audit software allows companies to review financial information, track audits, implement controls, and compare audit policies to national accounting standards. It also allows for electronic collection of information and setting internal controls. Internal audit software is a computer program or application that a company can use to review financial information. Company accountants are usually […]
Proper preparation for a payroll audit includes understanding the review, obtaining legal advice, identifying employees, and categorizing them. Employers should continually compare payroll reports to general ledgers and review bank reconciliations to avoid legal consequences. Legal counsel helps companies understand which documents to provide during an audit. Employers must accurately document employees who fulfill multiple […]
ISO audits aim to standardize and control business processes. There are internal, external, and supplier audits, as well as specialized audits for specific certifications. Internal audits prepare for external audits and help identify issues that may jeopardize certification. Resources such as books, seminars, and software programs can assist in establishing a good control system. The […]
ISO audits aim to improve businesses through standardization and controlled processes. There are internal, external, and supplier audits, with specialized audits for specific certifications. Internal audits prepare for external audits and help develop good audit systems. Resources for establishing control systems include books, seminars, consulting firms, and software programs. The ISO audit process has four […]
To become an audit assistant, one must have a desire to work with numbers, be organized, and have attention to detail. Education and training in accounting, bookkeeping, or auditing is helpful, and a college degree is highly regarded. Personality traits such as organization, attention to detail, and good communication skills are important. Opportunities for employment […]
